Washington Real Estate Brokerage Relationships Flashcards

Washington Real Estate Brokerage Relationships Flashcards Duties owed only to clients:Loyalty, timely disclosure of any conflicts of interest, advising the principal to seek expert advice on matters outside agent's are of expertise, no disclosure of confidential information from or about the principal, make a good faith and continuous effort to find a buyer for seller client's property or a buyer.What is included in "The Law of Real Estate Agency" pamphlet?Definitions, relationships between brokers and public, duties of all types of agency, duration of agency relationship, compensation, vicarious liability, imputed knowledge and notice, interpretation, short sale.Agency relationshipwritten agreement between a real estate firm and a buyer and/or seller relating to the performance of real estate brokerage services.Material Factinformation that has a substantial adverse impact on the property's value, on a party's ability to fully execute the contract, or on the intended purpose for the property.Duties owed to all parties:1. Exercise reasonable skill and care.2. Deal honestly and in good faith.3. Present all written offers, written notices, and other written communications between parties in a timely manner.4. Disclose all existing material facts the broker knows unless they are readily apparent. The broker isn't required to investigate these issues unless the broker has agreed to do so.5. Properly account for all money and properties received on behalf of either party in a timely fashion.6. Provide a pamphlet on The Law of Real Estate Agency7. disclose any personal interest in a property or transaction.Express agencyis a relationship that both parties understand and have mutually agreed to. It can either be written or oral, authorizing the broker to act on behalf of the principal.What establishes any agency relationship? The establishment of any agency relationship is not determined by payment of compensation. A signed agency agreement determines the existence of an agency relationship What is a required element in a Washington property management agreement?The property manager's compensation must be outlined in the management agreement.Disbursements from a Washington sales transaction trust account can't be made prior to closing without what?Disbursements are not generally made from trust accounts prior to settlement. However, with the written permission of both the buyer and the seller, brokers can disburse funds before closing.

Terrance is a managing broker in Washington. He's moving to a new firm. What does he have to do to transfer his license?The process a managing broker uses to switch firms is the same as that used by a broker, unless the managing broker is a designated broker or branch manager.Implied agencyis a relationship that is based on actions (performance of real estate brokerage services). The implication of agency exists when you act on behalf of a consumer in such a way that the consumer believes you're his or her agent The duties of accounting and confidentiality: continue forever after the agency relationship is terminated A broker is required to disclose:to all parties whom the broker represents. This may be done either in a sales agreement in a section titled Agency Disclosure, or in a separate document with the same name In order for a licensed firm to share commissions with another firm, what must be true of the second firm?Firms may only share commissions with other real estate companies licensed to do business with the firm.Dual agentA broker who has entered into an agency relationship with both the buyer and seller in the same transaction Things agents are not obligated to do:A seller's agent is not obligated to seek additional offers once a property is under contract andA buyer's agent is not obligated to seek or show additional properties once a buyer is in contract to purchase property AgentA broker who has entered into an agency relationship with a buyer or seller.When should a broker provide the Washington pamphlet on the law of real estate agency?Washington law requires that a broker provide the pamphlet on the law of real estate agency to all parties to whom the broker renders real estate brokerage services before the parties sign any agreement, offer, or consent.Which of the following areas would be considered a "closely related field" as a substitution for broker experience on the Washington managing broker's license application?Real property appraisal is one of the areas in which five years of experience may be substituted for the three years of broker experience.Transaction coordinators/assistantsGenerally, do not have any agency duties, however, they do owe general statutory duties to anyone they work with The Washington Residential Landlord-Tenant Act establishes responsibilities for both landlords and tenants.How are the property manager's duties addressed by this act?The property manager is required to understand and abide by the owner's legal responsibilities to tenants.Licensee compensation is funneled through the broker.Who may pay the compensation that goes through the broker?Compensation could be paid by a party to the transaction, a third party, or a commission split/compensation share from another broker. In all cases, the compensation goes through the broker.Agency agreements shouldalways be in writing. Absent a written agreement, a person is considered a customer-not a client.What information is the Washington Law of Real Estate Agency pamphlet required to contain relative to short sales?It must disclose that the seller is responsible for the payment of closing fees and the broker's commission even if the sales proceeds don't cover those costs

SubagentA broker who is engaged to act on behalf of a principal by the principal's agent where the principal has authorized the broker in writing to appoint subagents If a Washington real estate firm is closing, the firm's designated broker must provide an affidavit to the Washington DOL within ______ days.

• days

What Washington document typically authorizes the listing brokerage firm to share the commission with the cooperating (selling) brokerage firm?The listing agreement typically provides details of compensation to be paid to the cooperating (selling) brokerage firm.Which duty continues after agency relationship ends?duty of confidentiality continues after the agency relationship is terminated indefinitely